EURUSD: Trying to change the local trend. What happens?
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EURUSD is currently undergoing a correction after reaching the level of 1.0981 and breaking the support level of the uptrend. At present, the EUR/USD pair is receiving support as the US Dollar (USD) struggles to maintain its strength despite positive inflation data boosting US bond yields. Market participants are eagerly awaiting the release of the US Core Producer Price Index (PPI) and Retail Sales figures later today.
From the 1-hour chart, since the price is within range and in a growth phase from the support level, in case the market is concerned about the upper boundary at 1.100, it needs to break through the descending channel. However, given the news scheduled for today, as this factor brings unpredictable declines, we need to understand that breaking the support level of the ascending channel will disrupt the structure.
It is expected that after testing the structure of the descending channel, there will be a price decline, while consolidating below the support level of 1.0897 will enter a phase of short-term downward correction.
EURUSD is currently undergoing a correction after reaching the level of 1.0981 and breaking the support level of the uptrend. At present, the EUR/USD pair is receiving support as the US Dollar (USD) struggles to maintain its strength despite positive inflation data boosting US bond yields. Market participants are eagerly awaiting the release of the US Core Producer Price Index (PPI) and Retail Sales figures later today.
From the 1-hour chart, since the price is within range and in a growth phase from the support level, in case the market is concerned about the upper boundary at 1.100, it needs to break through the descending channel. However, given the news scheduled for today, as this factor brings unpredictable declines, we need to understand that breaking the support level of the ascending channel will disrupt the structure.
It is expected that after testing the structure of the descending channel, there will be a price decline, while consolidating below the support level of 1.0897 will enter a phase of short-term downward correction.
Trade active
Comment:
The above support level remains the same.
Trade closed: target reached
Comment:
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